MEMPHIS, Tenn. -- Developers have asked the city to support a $70 million redevelopment project in the Edge District along Monroe Avenue near the old Wonder Bread factory.
A company called Development Services Group is requesting property tax breaks for 20 years from the Downtown Memphis Commission's funding arm, called the Center City Revenue Finance Corporation. DSG also redeveloped the Chisca on South Main Street, a former historic hotel that now functions as an apartment building.
Apartments and a parking garage in the old factory at 400 Monroe Ave. make up the bulk of the project. That portion would cost about $55 million, according to a proposal released by the developers. The developers also want to spend about $9.5 million on 75,000 of office space in part of the factory.
“This is the catalytic investment that could cause the Edge, the Medical District and Downtown to come together in a cohesive way," Memphis chief operating officer Doug McGowen said.
Memphis Medical District collaborative president Tommy Pacello said the project will give more options for the 24,000 people who work in the area.
“Right now we have 98 percent occupancy in the [Medical] District. That project will add the supply we need to see the district continue to grow and remain vibrant," Pacello said.
Tim Barker just opened his own business a few blocks away. Edge Alley is an inclusive restaurant and retail space. He hoped the plans would come to fruition and help further the rebound of his new neighborhood. He also pointed out the Edge is ideal for large manufacturers like breweries because of the size and availability of certain buildings.
"I think the plans for redevelopment are great. I'm excited to see high-end residential in the neighborhood. Those guys are known for doing good work," he said. "We want to connect all the great work Sun Studio with Downtown. Developing between the two is the only way to make that happen."
Members of the Downtown Memphis Commission’s funding arm will vote on the project August 8. After that, it will go to city council.